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March 8, 1988


By CBR Staff Writer

John Cullinet has returned to the company he founded, Cullinet Software Inc, Westward, Massachusetts, only six months after he resigned all his posts. He is taking the post of vice-chairman under his chosen successor David Chapman, who is chairman and chief executive. Cullinane left the company last autumn to invest in new businesses, but after Meltdown Monday, potential business dried up, and according to the Wall Street Journal, by December he was thoroughly bored, and quietly returned to Cullinet as a director. At the last count he had 7.4% of Cullinet’s equity, and his return is being seen in part as a recognition that Cullinet’s recovery since it plunged into losses in 1986 has been slower than expected. It lost $27.6m on sales of $175m in the year to last May, and says that while it will make a profit in its final quarter this fiscal, it will not be substantial enough to prevent another loss for the full year.

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